First cannabis harvest expected within 90 days of cultivation start-up
United Greeneries Commences Cannabis Cultivation
Perth, Dec 22, 2016 AEST (ABN Newswire) - MMJ PhytoTech Limited (
ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that its Canadian-based subsidiary, United Greeneries Ltd ("UG") has commenced cannabis growing operations at its state-of-the-art Duncan Facility.
- Cannabis cultivation underway at world-class Duncan Facility following securing of all required starter materials
- First cannabis harvest expected within 90 days of cultivation start-up
- MMJ to provide Canadian consumers with access to one of the largest cannabis catalogues available via simultaneous cultivation of multiple strains
- Duncan Facility expansion strategy targeting ultimate production of circa 60,000kg of cannabis to supply the soon to be legalised Canadian recreational market
The commencement of cultivation follows the recent securing of an Import Permit from Health Canada ("HC") and the Canadian Food Inspection Agency ("CFIA"), allowing for the importation of 1kg of cannabis seeds.
As previously advised, UG will undertake the staged expansion of the Duncan Facility, with initial earmarked production of circa 7,500kg of cannabis by the end of 2018, following the facility's first full year of production. UG plans to then rapidly scale up the production capacity of the Duncan Facility to circa 60,000kg.
MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:
"We are very pleased to have commenced growing operations at our Duncan Facility, as it represents a significant milestone towards becoming a low-cost, large-scale cannabis producer in the Canadian market.
We expect to receive the first harvest from Duncan in Q1 2017, with the aim of scaling up production next year in order to penetrate both the existing medicinal and soon to be legalised recreational markets, which will have a combined estimated value of C$8-9 billion per annum by 2024.
We look forward to providing our shareholders with further corporate and operational updates in the near-term."
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
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